The role of the supervisory committee (SC) is to ensure the duties of the officers of the credit union are properly carried out and shall fulfil such functions as may be prescribed by Financial Conduct Authority and Prudential Regulation Authority, from time to time.

Performing internal audit has become the main function of a supervisory committee since credit unions came under the regulation of the Bank of England. An important issue has arisen in connection with this and indeed the necessity to have a full functioning Supervisory committee. A recent change to League rules allows for a board of directors to dissolve the supervisory committee, if the board employs a professional firm to perform the internal audit function.

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In our opinion a volunteer supervisory committee is no longer in a position to effectively perform the entirety of the required internal audit duties. In our view, these duties can only be performed by professionals. This is a positive development for credit unions and helps reassure members that their credit union is properly and prudently managed. Ormeau has for a number of years, commissioned a firm of registered auditors, CavanaghKelly to perform the internal audit function.

The opportunity therefore exists for your board to dissolve the supervisory committee. We support the notion that this is a subject that the board should discuss in the new year and by the same token we wish to inform the AGM that it will be discussed and to seek the views of you, the members. We believe it is important that we keep the membership up to date on this issue.

If you have any issues on this topic our contact details are available below.

Phone 028 9064 3951 or Email info@ormeaucreditunion.com

Supervisory Committee PO BOX 402 BT8 6AH

Or ask any staff for a meeting with the Supervisory Committee and we will contact you and make arrangements to meet.